LUNA

Three Arrows Capital sues TerraForm Labs for $1.3 billion, alleging market manipulation that led to the LUNA crash

August 13, 2024 1 min read

Three Arrows Capital (3AC), a defunct crypto hedge fund, has initiated a legal action seeking $1.3 billion in damages from TerraForm Labs. The lawsuit claims that market manipulation orchestrated by TerraForm Labs resulted in substantial losses during the 2022 fall of LUNA and TerraUSD. The lawsuit alleges that TerraForm Labs artificially inflated the prices of LUNA and TerraUSD, prompting Three Arrows to invest in these tokens, resulting in significant financial

Binance burns 2.2 billion Terra Luna Classic (LUNC) tokens

March 4, 2024 1 min read

Binance exchange has burned 2.21 billion Terra Luna Classic (LUNC) tokens in the 19th batch of the LUNC burn mechanism. This brings the total number of tokens burned by the Terra Luna Classic (LUNC) community to over 100 billion. Furthermore, the net burn by the crypto exchange is over 53 billion. What’s more, the Terra Luna Classic community celebrated the 100 billion LUNC milestone with increased optimism and confidence. Between

Over 700 Million LUNC And 230,000 USTC Burned By Terra Classic Community

January 22, 2024 1 min read

The Terra Classic Community found a reason to celebrate recent revelations about significant token burns, providing a ray of hope amidst adversity. According to reports, significant burns of LUNC and USTC tokens have occurred in the last week, which could have a positive impact on the prices of these cryptocurrency tokens. In a recent X (formerly Twitter) post, AlexCryptoBull, an active member of the Terra community, highlighted the burning of

Binance Burns Over 5.50 Billion LUNC Tokens in 17th Batch

January 3, 2024 1 min read

Binance crypto exchange has burned 5.57 billion Terra Luna Classic (LUNC) tokens in its 17th batch of the LUNC burn mechanism. This action contributes to a significant portion of the total tokens burned by the Terra Luna Classic community, signaling a promising start to the new year. Following Binance’s recent LUNC burn, the prices of USTC and LUNC, two tokens in the Terra Classic ecosystem, increased by more than 7%.

Terraform Labs Co-Founder Faces Extradition to the US

December 8, 2023 1 min read

Do Kwon, Terraform Labs’ co-founder, is reportedly on the verge of being extradited to the United States to face criminal charges rather than South Korea. According to sources close to the situation, the extradition request made by US authorities is expected to be approved by Montenegro’s Justice Minister Andrej Milovi. Kwon, sentenced to four months in Montenegro for using false travel documents, is implicated in Terraform Labs’ demise, prompting charges

Terra Luna Classic’s Joint L1 Task Force Proposes Community-Owned Wallet with L2 Team Integration

June 22, 2023 1 min read

The Terra Luna Classic core developer group, Joint L1 Task Force (L1TF), has recently submitted a proposal on Commonwealth, outlining their plan to build a community-owned wallet. Currently, Terra Classic utilizes L2 wallet dApp providers like TFL (Station), Keplr, and Trust Wallet, among others. However, none of these providers are owned by the community, as they are forked versions of Station Wallet owned by individual groups. According to the proposal,

Terraform Labs Founder Do Kwon Granted a Second Bail in Montenegro

June 5, 2023 2 mins read

A branch of the Podgorica District Court in Montenegro has approved a second bail request for Do Kwon, the founder, and CEO of Terraform Labs. Kwon and Terra’s former chief financial officer Han Chang-joon were originally granted bail in May for a combined sum of around $856,000. They were released on condition that they did not leave their apartment and continued to attend hearings. However, Montenegro prosecutors appealed the decision

Terraform Labs’ Co-founder and CEO Do Kwon Cashes Out $2.8 Million Before Montenegro Bail Release

May 15, 2023 1 min read

Terraform Labs Co-founder and CEO, Do Kwon, reportedly liquidated $2.8 million worth of cryptocurrency before being released on bail in Montenegro on Friday. Kwon and fellow executive, Han Chong-joon, were arrested in March this year, charged with possession of fake travel documents and attempting to travel with counterfeit papers. The executives were later granted bail and released for a sum of around $436,000. Sources claim that $500,000 worth of Tether

South Korean court rules that LUNA is not a security

April 24, 2023 1 min read

A district court in South Korea has ruled that the native token of the LUNA ecosystem, LUNA, is not a security under Korea’s Capital Markets Act. The court dismissed charges of security violations against Hyun-Seong Shin, co-founder of Terraform Labs, stating that it is “difficult to see Luna Coin as a financial investment product regulated by the Capital Markets Act.” This ruling makes the Terra-LUNA saga a case of fraud